New Record Keeping Requirements and Changes to the Law of Forfeiture Affecting Corporations in Ontario

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Corporations governed by Ontario’s Business Corporations Act (the “OBCA”) having “an ownership interest in land” in Ontario need to be aware of changes to the OBCA that come into force on December 10, 2016.  These corporations should also be aware of significant changes to how property owned by a corporation, both real and personal, is forfeited to the Crown after a corporation has voluntarily or involuntarily dissolved.

Entities governed by Ontario’s Corporations Act and Ontario’s Not-for-Profit Corporations Act will be subject to same record keeping requirements with respect to the ownership of land in Ontario.   Note that the Not-for-Profit Corporations Act has not been proclaimed into force.

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